Information » Your World » Living Abroad » Money Overseas
Plan ahead and work out how much money you will have abroad by calculating your income and outgoings.
If you are planning to live abroad permanently or for a long time, you will need to decide whether to keep your UK bank account or open a new one. Your UK bank will help and advise you by going through your options for managing your money overseas.
Generally, you have three options to manage your money overseas:
- Keep your money in your UK bank account
- Open a local account in your new country
- Put your money into an offshore account
Keep your money in your UK bank account
- It is a good idea to keep your UK bank account for holiday visits and in case of emergencies
- Many banks in the UK have dedicated international banking, so check with your current UK bank for more information
Open a local account in your new country
- This will give you somewhere to keep your earnings and a means of paying with things day-to-day in local currency
- It might take longer to open a bank account abroad, and you will definitely need proof of identity and your residential status
Put your money into an offshore account
- Many people who live abroad use an offshore account to manage their money
- An offshore account can be used to manage your day to day finances from anywhere in the world and is useful for people who travel to different countries regularly